Charles Schwab Plans to Sell
New York Stock Exchange Seats

Dow Jones Newswires

Updated Dec. 24, 2004 12:01 a.m. ET

Charles Schwab Corp. is giving up its New York Stock Exchange membership, which the firm's brokerage arm has come to view as unnecessary.

The San Francisco company said it is selling its three Big Board membership seats. The company concluded it didn't need to actually own the seats because its investor clients have access to the NYSE through an agreement in which a unit of UBS AG is providing Schwab with trade-execution services....